Tags:
Journalism of Courage
Bayer posts Rs 6.87 cr loss
MUMBAI: Bayer ABS has reported a loss of Rs 6.87 crore for the first half of the period ending December 31, 1997 profit in the previous accounting period ending June 30, 1997 amounted to Rs 305.79 crore. A statement issued by the company says that this is one of the reasons for not declaring a divdend, the others being the change in method of stock valuation and providing for doubtful debts apart from the devaluation of the rupee. Sales for the six months were Rs 61.15 crore Rs 114.77 crore in the previous 12 months.
Rupee comes under pressure again
MUMBAI: The rupee came under pressure in the inter-bank forex market. The Indian unit opened the day at 39.28/31 to the greenback compared to its previous close at 39.26. The rupee was seen at 39.33-39.34 levels soon after opening with good inter-bank interest for the greenback. The dollar closed at Rs 39.22/25. On Monday, the rupee had hit a low of 39.28, which forced a Reserve bank intervention. The centralbank did not intervene today, but State Bank of India, and Canara Bank sold spot dollars, said dealers. The dollar8217;s low was Rs 39.24 while its high stood at Rs 39.34. The RBI pegged its reference rate for the greenback at Rs 39.27 against its previous fix at Rs 39.17 per unit.
DCM Hyundai to axe workers
CHENNAI: The management of the beleagured DCM Hyundai Ltd, an Indian joint venture of with Korea8217;s Hyundai group, has asked the labour union to be prepared for a 60 per cent reduction in the employee strength at its container factory here. Union leaders said that senior representatives of the management had told them that 300 apprentice workers out of a total workforce of 500 would be asked to leave, in the wake of demand sluggishness and precarious financial position of the company. The export-oriented unit had been unable to gain a viable market share in the global market with chinese competitors selling containers at two-thirds of the price quoted by it.
